We are happy to share the recap of the Ownables Pre-Alpha + General Dev Team AMA with you!
During the AMA, the development team provided an in-depth overview of the Ownables Pre-Alpha and talked about new developments and plans for the future of LTO Network.
Arnold Daniels - Chief Architect, LTO Network
Benas – Developer, LTO Network
Andre – Developer, LTO Network
"Mad Eagle" – Community Administrator, LTO Network
Without further ado, let's dive into this recap!
QUESTIONS AND RESPONSES.
Q: Can you provide one or two examples of things I can own in the LTO wallet?
It could be anything from an image-based NFT ownable to more complex Ownables which are capable of consuming other Ownables etc." - Benas
Q: What is the timeline and launch adoption of Pre-Alpha?
Launch adoption is a little out of my scope, but the timeline is that we are in the process of integrating the working demo into the wallet, I prefer not to give time estimates." - Benas
Q: If an NFT project would like to start with Ownables now, which functionality is immediately available?
Issuing Ownables, deleting them from the wallet, transferring them, and having one Ownable consume another. The bridging is done as far as the smart contract side is concerned. The actual bridge is still in need of some touch-ups. Pretty much everything we aimed to have at alpha launch, just need to add it to the wallet." - Benas
Q: With a huge portion of the NFT hype being scams and pictures of apes, does LTO have any problems convincing clients/customers' ownables' is a solution for real world usage?
There was great interest at NFT Paris event, so I don't think that's an issue" - Benas
People are looking to go beyond NFTs with their projects, Ownables fits that nicely." - Mad Eagle
Q: What kind of testing is typically done during the pre-alpha phase of LTO network?
All around! Would be awesome if you could break it in any way possible." - Benas
Q: What are you guys doing to get people/projects starting on making Ownables?
Obviously, documentation is the most important, and it's more or less there already (can always be improved). We aim to provide a nice GitHub template for developers to clone and start working on their customizations right away." - Benas
Q: How do you prioritize and balance feature development and testing during the pre-alpha phase?
For now, all focus is on features. Alpha and Beta will be for more elaborate testing, while, of course, we try to extensively unit test everything as we go. It's a slippery slope, as changing the architecture a little bit results in all unit tests needing to be changed, which slows you down. So trying to balance everything." - Benas
Q: How confident are you guys that there will be demand for Ownables within the NFT market? Do you think the product is specialized enough yet robust enough to draw developers away from major platforms like ETH and SOL to a micro-cap blockchain with much less activity?
Ownables use the CosmWasm smart contracting framework, so those existing developers would be the most reasonable target. Our SDK adds only a single file which doesn't need to be altered, so the transition from CosmWasm development to Ownables should be smooth - Benas
Q: Is it already determined what the bridge and transaction costs are going to be for transferring & converting NFTs to Ownables?
I would imagine those costs will be minimal. To bridge from ETH to LTO will just require signing a transaction and locking an Ownable, so it should be cheap. The bridge is still being developed, so can't say for sure" - Benas
Q: Now that Ownables is nearly at its Alpha, I would like to know if this technology that you have developed can always be updated and made better, or will it be just in one way, and once it is out "and fully working and decentralized" it will be closed for the update part and be immutable?
(Like Bitcoin, how it works is fully decentralized and immutable) you can create things to make it better but the main tech is not changeable in code, etc... as far as I know.
So that's my question, will Ownables be available to be updated and in like 1-2 years be available to make them even better and add some new things upon it?
At the core, Ownables are smart contracts, and smart contracts allow for upgrades so they will be able to evolve. It does bring some questions, like what happens to the existing ownable after it gets updated, but more on that later on." - Benas
Q: with the amount of TVL in each project, it's important to also have insurance as we are aware audits aren't fail-proof. Do you have insurance on user funds? If not, WHY?
The wallet will be audited." - Benas
Q: You guys are also building GoLand and Proofi. Can you tell what kind of development needs to be done to complete those?
Proofi, from a development point of view, it's 99% finished. We have started implementing goLand already! And it is tough because we are building it from scratch, but there are very interesting use cases." - Andre
Q: What was the biggest challenge up until this point of alpha?
Probably executing smart contracts in off-chain environment (e.g., our wallet). It hasn't really been done before, so there weren't many resources to consult, especially when we want to allow users to upload their own packages, which could then be issued on demand. On second thought, also ensuring that some malicious Ownable can't corrupt other Ownables in the wallet. Needed to sandbox things which introduced some complexity." - Benas
Q: Oh, good I have a question about Proofi too. There's been a lot of different projects coming out with decentralized ID solutions or planning to shortly. What sets Proofi apart from those other solutions? Do you guys have customers lined up for it or is it a build it and hope they come plan? Much like my questions regarding Ownables, what part of the tech of Proofi will draw customers to use it over solutions from much larger and well-known projects like Polygon?
Yes, there are other projects working towards verifiable credentials and decentralized identities in that space. We're keeping an eye on them, but no, at the moment, we're waiting for the right opportunity to strike. None really made a move yet since regulations are hard to impose. Proofi can be completely customized. It can be run through Ethereum, Polygon, etc., it can be run off-chain, and it can be a white-label solution. We knew that we built it ahead of time, and we are finishing the last meetings to present all the results to the marketing team so they can better commercialize it. We are even thinking about a Proofi trust network that could potentially scale very well. For now, we have a few interested partners, but as I said, it will take some time." - Andre
Q: More of a personal question. What's the most valuable lesson you learned from working in a Crypto Network and having this kind of responsibility of making it to work properly, in something so new and so "still" unexplored like Crypto?
Interesting question. It was super hard to give any kind of time estimates regarding deliverables. Sometimes things that would seem trivial caused unexpected issues and delays". - Benas
Q: What is LTO Network's vision for the future of the Universal Wallet?
To be the one-stop shop for identity, privacy, and ownership. It should provide other projects with a starting point, but LTO does not expect everything to run in their wallet. We should see LTO functionality pop up in other wallets too in the future if all goes well." - Mad Eagle
Q: Does it make sense for ScanTrust to use Ownables? And how?
From what I understand from Shawn, several use cases are being explored, so I would say yes. I've had talks with Scantrust myself in the past, too, before the investment, and they were enquiring about possibilities on LTO. So, I think it is safe to say LTO has something to offer, but as a company, Scantrust is bound to be agnostic in its approach. If they cannot get it here, they will find it somewhere else probably." - Mad Eagle
Q: Does the Universal Wallet support other cryptocurrencies, or is it exclusively designed for LTO Network's native token?
LTO" - Mad Eagle
Q: How does the implementation of GoLand look like? What can we expect when we are talking about transactions?
So, for now, we're building the base layer of the web app, so we're talking about authentication, DB, the map, a form for land registration, etc. The second part will be about the architecture, identities, and transactions. I'm super excited about this project. Today, we had a meeting for goLand with our partners in Africa, and there is literally a need for a land registration solution. We have the chance to make an impact on the life of ordinary people!! (Not just for people into tech like with the usual projects) - Andre
Q: Ok, do you guys think that the tech has enough benefits to draw developers from those major blockchains to one that, let's be honest, most of the market hasn't even heard of? What specifics aspects of Ownables do you think have the ability to draw enough interest from developers, or worded differently what types of NFTs do you expect developers to build that require a solution like Ownables and is not possible with current market solutions?
In my opinion, the CosmWasm platform is bringing developers from Solidity (ETH language) at a good pace. A lot of CosmWasm developers I encountered used to work with Solidity and are not planning to go back to it because of the developer experience. As far as Ownables go, with the bridging, it will be a way to issue NFTs that can be traded on Ethereum, but also provide a way to get unlockable content on LTO." - Benas
Q: Can you explain how the bridge implements multi-signature security to prevent thefts and hackers from accessing and exploiting its system?
Both the bridge and Ownable/NFT owner need to sign. The bridge doesn't make calls to the NFT smart contract or the Ownable contract. It provides a signature when it receives an Ownable. The owner can use that signature to unlock the NFT, so the owner does the actual transaction and thus sign the transaction." - Arnold
Q: Last question from me, and for the devs: In a utopic mindset and world, what companies would you like to see using Proofi? (It can be as big as you want the company or companies)
If I had to choose one company, a mainstream one, that could benefit from using Proofi, I would go for OnlyFans" - Andre
Q: How does the Ownable Bridge handle the case where multiple NFTs are owned by the same Ethereum address, and how does it prevent the Ownable from being mistakenly assigned to the wrong NFT?
The NFT id, address, and network are hardcoded in the Ownable smart contract. It's set during initialization and can't be changed. There's no issue with multiple NFTs owned by the same address. The signature by the bridge that allows you to unlock the NFT is specific to the NFT id. Have a look at the repo if you really want to get in-depth: https://github.com/ltonetwork/erc721-lockable." - Arnold
Q: How does the bridge handle failed transactions, and what measures are in place to revert or correct invalidated transfers?
The bridge only cares about events emitted, not specific transactions. The wallet embeds the external event in the event chain of the ownable. If a transaction is reverted, a program (like the bridge) that verifies the event chain will see it as if the owner put in a non-existing event and thus concludes that the chain is invalid. So, in case of a revert, the wallet of the owner must do the same transaction again to continue using the ownable." - Arnold
Q: In what way would a move to Cosmos affect Ownables?
Being part of an ecosystem like cosmos will definitely bring more attention and adoptions to Ownables as well." - Andre
Q: And from a technical perspective? Only positives? Asking because LTO was probably intentionally built on a Waves fork.
The programming language used in Ownables is the smart contract language in cosmos ecosystem for chains that allow smart contracts, so I think it just strengthens our alignment with the wider ecosystem." - Benas
The Ownables Pre-Alpha + General Dev Team AMA was an excellent opportunity for the team to connect with the community and provide insight into a wide array of topics.
We thank our superb Dev Team representatives for their time and contributions to the AMA. A special thank you goes to our community members for joining us in this AMA session and challenging the team with their questions!
The LTO Network team is working hard to deliver on the roadmap, and we are excited to share updates with you as they become available!
Learn More: blog.ltonetwork.com/litepaper
ABOUT OWNABLES BY LTO NETWORK
Ownables are a new kind of digital collectible based on blockchain technology. They can do many similar things as NFTs and much more. In fact, they can do so much more, they are better suited than NFTs when it comes to real utility.
Ownables can contain media files, images, songs, 3D models, and many other things. Whatever the content, the owner has full possession of the asset.
About LTO Network
LTO Network is Europe's most advanced blockchain - fully decentralized and highly efficient. It is already being used worldwide by businesses, governments, institutions like the UN, the Dutch government, and more.
The network offers several technologies to provide solutions for decentralized data security, digital identities, privacy, and the ownership of digital assets and digital collectibles.